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THE INTERNAL AUDIT AS AN AID TO MANAGEMENT CONTROL
ABSTRACT
This research work is on the internal audit as an Aid to
management control with reference to Enugu state University and technology
(ESUT). The main aim of this research work is to determine and to ascertain how
management administration can be more efficiently run, in order to creat a
conductive environment for business and to analyze the internal audit functions
to determine how it can realize management control. The sources from which the
necessary data were collected for the purpose of this research work are from
primary and secondary sources of data collection. The primary data were gotten
through the use of questionnaires and oral interview. The secondary data were
gotten through newspaper, magazines, government Journals and also textbooks.
The data collected were analyzed using
simple percentage analysis. Hypothesis were formulated and tested using
chi-square (X‑2) method. From the data collected
and analyzed, it was discovered that the internal control system of the
universities are weak owing to lack of trained internal audit staff, lack of
cordial relationship between the Internal Auditors and the department staff.
The management should ensure that the internal audit department is staffed with
enough skilled personnel and management should adequately provide man power
development facilities for the internal Audit.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
Controlling is a management monitoring function that deals
with the measuring and correction of the performance of subordinates with a
view to achieve organizational objectives with maximum efficiency and at a
minimum cost.
It check s to see that plans have been carried out, adhering
to deviations. If any it compares actual performance in the past periods.
A business grows, the detailed auditing of a growing number
of transactions produces a corresponding increase in the size of the auditor’s
bill for his service business mangers found them selves looking for less
expensive substitute for the increasingly costly annual audits, preferably a
substitute which might at the same time better meet their needs. The solution
which evolved was the development of internal means security the desired
control over accounting and operations as a whole. Internal means of control
are known as “internal checks and internal audits”.
In anticipation of the manpower needs of an independent
Nigeria, the federal minister for Education appointed in 1959 the Ashby
commission to conduct an investigation into the Nigeria needs in the field of
higher education, the panel comprised three Britons, three Americans and three
Nigerians with Sir Eric Ashby as Chairman. The submission of the report in 1960
brought about the establishment of the first generation universities which
include the University of Nigeria, Enugu Campus, 1979, the third generation
university were created these include Anambra State University of Science and
Technology (ASUTECH), now Enugu State University of Science and Technology
(ESUT). The law which established this was enacted in 1980. The government
appreciates the invaluable roles of these institutions in the over all
development of the nation via the provision of well trained middle and higher
level man power for various departments of the public and private sectors. In
recent times, several cases of arson, frauds, misappropriation of public funds,
theft of property and other types of malfeasance have been reported in the
government institution and establishment all over Nigeria in view of this, the
huge investment by government. In these concerns should be controlled,
monitored, safe-guarded and made result-oriented. The role of internal audit
department as the “watch dog” of these controls established by the institutions
becomes the only sure means to control the institutions.
It is pertinent to note that report and government white
paper on the report of various board of enquiry instituted to investigate the
cause of non-performance in government establishment have indicated that
management/administration are responsible for improper state of things. It is
conceived however, that if they have complete control of the activities of
their staff an efficient administration would be enshrined. It is also
necessary to ensure that management policies and directives are properly
adhered to. As management is far from the scene is not possible management must
reply on various techniques and of course the internal audit department to
implement its directive decision and goals.
1.2 STATEMENT OF
PROBLEMS
The management control system of our organization is facing a
lot problem. There is inefficiency in administration, adequate attention is not
paid to internal auditing by management, funds and property are not managed to
ensure safety, harmonious work relationship does not exist between internal
auditor and other workers, and most of the internal auditors lack the requisite
skill.
1.3 OBJECTIVE OF
THE STUDY
The objectives of this study include to ascertain how
management administration can be more efficiently run in order to create a
conducive environment for business.
Secondly, the aims to analyze the internal audit function to
ascertain the problems facing internal audit and seek ways to solving them.
Finally, to ascertain the procedures and methods of internal
audit in an organization and evaluate its effectiveness in the realization of
management objectives.
1.4 RESEARCH
HYPOTHESIS
Ho: The internal auditing do not help the organization to
attain its objectives.
Hi: The internal auditing help the organization to attain its
objectives
Ho: The internal auditing do not aid in efficient running of
the universities
Hi: The internal auditing aid in efficient running of the
universities.
1.5 RESEARCH
QUESTIONS
The following questions were asked by the researcher:
1. To what extent has
internal auditing aided efficient running of the universities?
2. To what extent was
internal auditing helped the organization to attain its objectives?
3. To what extent has
the university authorities paid adequate attention to internal control?
4. What is the degree
of credibility of the internal auditors of the universities?
1.6 THE
SIGNIFICANCE OF THE STUDY
The study is intended to highlight the extent that proper utilization
of internal audit science has contributed towards effective management control.
It will also help the institution under study to see areas of
weakness and then help other institution in utilize its services properly for
effective internal control. The need for establishing a viable internal audit
department to be effectively used for control, would emerge, even in
organizations where it has not been installed.
Finally, this study will help readers from time to time on
the topic of study, have a reference base.
1.7 THE SCOPE OF
THE STUDY
The researcher will like to concentrate on the Enugu State
University of science and Technology (ESUT) with focus on the work boardering
on internal audit objective, procedures and problems.
1.8 LIMITATION OF
THE STUDY
The researcher has not got enough resources to carry out this
study in all the university, therefore it is restricted to ESUT. The finding
may not reflect the entire situation in all the ESUT as a whole, but averagely,
what happen in ESUT, can be applicable to other area, the researcher should
have gone into discussion on the aid to management control. Again the auditing
should have include private individuals who may engage in one project or the
other. This may be a limitation to the discussion of the aid to management
control.
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